By Sharen Kaur
sharen@mediaprima.com.my
Published in NST on June 14, 2013
UEM Sunrise Bhd is eyeing more land adjacent to the Mall of Medini in Nusajaya, Johor, which will see the gross development value (GDV) of the whole project exceeding RM4.5 billion.
The property developer, formerly known as UEM Land Holdings Bhd, has built and completed Phase 1 of Mall of Medini, which is situated next to Legoland Malaysia.
Phase 1 comprises a 200,000 sq ft mall, which opened its doors to the public in September last year.
Phases 2 and 3 of the project, comprising the mall extension, Grade A office towers and residences, is slated to start by the end of this year, UEM Sunrise managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said.
"We plan to start Phases 2 and 3 this year. We are currently waiting for the necessary approvals. The GDV for the project is slightly over RM4 billion. With the additional land that we are planning to acquire, it would exceed RM4.5 billion.
"The whole development will have 3.5 million sq ft of properties. The mall portion alone will be 1.2 million sq ft when it is developed," Wan Abdullah told Business Times on the sidelines of Invest Malaysia yesterday.
Wan Abdullah expects the entire development, including the offices and residences, to be completed by end-2017 or early 2018.
He said the key ingredient to Mall of Medini's success is its strategic location. Mall of Medini is the lifestyle, entertainment and recreational epicentre of Nusajaya, which is one of the five key development centres of Iskandar Malaysia.
The project is located near signature developments such as Kota Iskandar, Puteri Harbour, Horizon Hills and Educity, as well as other residences in Nusajaya.
UEM Sunrise, the property development arm of UEM Group Bhd, is the master developer of the 9,661ha Nusajaya, which is Malaysia's first economic growth corridor in Johor and one of the flagship zones in Iskandar Malaysia.
The group owns around 4,200ha in Nusajaya and is currently building homes, waterfront properties, offices, hotels, factories, hospitals and campuses, in a joint venture with several other developers.
Wan Abdullah said the next wave of growth in Nusajaya will be led by the 1,800ha Gerbang Nusajaya, a RM18 billion greenfield development.
sharen@mediaprima.com.my
Published in NST on June 14, 2013
UEM Sunrise Bhd is eyeing more land adjacent to the Mall of Medini in Nusajaya, Johor, which will see the gross development value (GDV) of the whole project exceeding RM4.5 billion.
The property developer, formerly known as UEM Land Holdings Bhd, has built and completed Phase 1 of Mall of Medini, which is situated next to Legoland Malaysia.
Phase 1 comprises a 200,000 sq ft mall, which opened its doors to the public in September last year.
Phases 2 and 3 of the project, comprising the mall extension, Grade A office towers and residences, is slated to start by the end of this year, UEM Sunrise managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim said.
"We plan to start Phases 2 and 3 this year. We are currently waiting for the necessary approvals. The GDV for the project is slightly over RM4 billion. With the additional land that we are planning to acquire, it would exceed RM4.5 billion.
"The whole development will have 3.5 million sq ft of properties. The mall portion alone will be 1.2 million sq ft when it is developed," Wan Abdullah told Business Times on the sidelines of Invest Malaysia yesterday.
Wan Abdullah expects the entire development, including the offices and residences, to be completed by end-2017 or early 2018.
He said the key ingredient to Mall of Medini's success is its strategic location. Mall of Medini is the lifestyle, entertainment and recreational epicentre of Nusajaya, which is one of the five key development centres of Iskandar Malaysia.
The project is located near signature developments such as Kota Iskandar, Puteri Harbour, Horizon Hills and Educity, as well as other residences in Nusajaya.
UEM Sunrise, the property development arm of UEM Group Bhd, is the master developer of the 9,661ha Nusajaya, which is Malaysia's first economic growth corridor in Johor and one of the flagship zones in Iskandar Malaysia.
The group owns around 4,200ha in Nusajaya and is currently building homes, waterfront properties, offices, hotels, factories, hospitals and campuses, in a joint venture with several other developers.
Wan Abdullah said the next wave of growth in Nusajaya will be led by the 1,800ha Gerbang Nusajaya, a RM18 billion greenfield development.
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